SJP Properties and PGIM Real Estate paid $245m for 470 Park Avenue South in New York City. SJP will serve as operating partner, responsible for managing and leasing the 301,178 sq ft, class A office and retail building. The new owners plan build a boutique hotel-style lobby that includes an outdoor garden, collaborative workspace, a game room and a café and bar. Built in 1912, the property is currently 87 percent leased to a number of high-profile tenants, including Priceline.com and Dstillery. The duo bought the asset from Norges Bank Real Estate Management and TH Real Estate.
“In recent years, the Park Avenue South submarket has seen a large influx of tenants across a variety of industries – technology, healthcare, media, hospitality and more, making it a vibrant ‘live/work/play’ destination. We are pleased to collaborate again with our long-term strategic partner, SJP, to unlock additional value at 470 Park on behalf of current and prospective tenants, while adding another well-located, class A New York City property to our clients’ portfolio,” said Alfonso Munk, chief investment officer at PGIM Real Estate.
